Ostomy Drainage Bags Market Expected to Reach USD 2.7 Billion Globally in 2022 -Transparency Market Research

The Global Ostomy drainage bags market was valued at USD 1,829.6 million in 2013 and is projected to expand at a CAGR of 4.7% from 2014 to 2022 to reach USD 2,759.5 million in 2022.

 

The global ostomy drainage bags market is growing at a steady pace due to the rising prevalence of colorectal cancer, increasing awareness about ostomy procedures, and rapid aging population. According to the Administration on Aging (AoA), the U.S., individuals aged 65 years and above represented around 12.9% of the total population of the U.S. in 2014 and the percentage is expected to increase to 19% by 2030. Moreover, the Office for National Statistics stated that over the 25-year period between 1985 and 2010, the median age of the population of the U.K. increased from 35.4 years to 39.7 years. With increase in the geriatric population, the number of ostomy procedures conducted and usage of ostomy bags would increase significantly during the forecast period. Acceptance of ostomy drainage bags under insurance reimbursement programs by governments, especially in Europe, is further encouraging patients to undergo ostomy surgical procedures, thereby boosting the market for ostomy drainage bags. 

 

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The colostomy bags segment dominated the ostomy drainage bags market in 2013, with a share of around 48%. High prevalence of colorectal cancer coupled with greater awareness about colostomy as against other types of ostomy procedures are the major factors contributing to the growth of the segment. Presence of large number of private organizations, continuously engaged in spreading awareness about colostomy and associated parameters, is also driving the colostomy bags segment. The Cancer Treatment Centers of America in the U.S. and the Colostomy Association in the U.K. are organizations that help people in understanding colostomy and the products required for colostomy management. Public welfare organizations educate patients about advanced available options of colostomy bags, thereby boosting demand in the market.